CEBU CITY—Department of Trade and Industry (DTI) Secretary Alfredo Pascual underscored the magnitude of financial assistance the agency has released to the Visayas’ micro, small and medium enterprises (MSMEs) amounting to P2.7 billion in the last four years.
Pascual told concerned stakeholders, from consumers to small business owners, in a town hall meeting at the University of the Philippines (UP) Cebu, that about 14,747 MSMEs benefited from the various loan programs.
“These initiatives have supported around 61,000 MSMEs and 25,000 other users, creating over 62,500 jobs. We’ve also set up 29 OTOP Stores in the region, helping 840 MSMEs generate an estimated P27 million in sales,” he said Friday.
The DTI assisted about 102,000 MSMEs in the Visayas in 2023.
Pascual said the DTI had invested about P500 million for shared service facilities (SSFs) and launched 613 projects since 2023.
Cebu houses the second pioneer SSF located within UP Cebu. The first one is in Bohol.
DTI Visayas also reactivated 306 out of 418 Local Price Coordinating Councils (LPCCs) across the Visayas region.
Pascual said the Visayas contributes 14 percent to the Philippines’ gross domestic product, with Central Visayas at 7 percent, Western Visayas at 5 percent and Eastern Visayas at 2 percent.
“But we’re bringing industries to eastern Visayas and ensure their share in the GDP will be growing to high levels,” he said.
Another priority of the DTI in the region is the Cebu Creative District, which not only aims to harness the creative capacities of Central Visayas but also sets a benchmark for cultural-economic fusion that can be replicated across the region.
The Creative District will house entertainment, film, fashion and similar industries to create an ecosystem that is responsive to the artistic and aesthetic priorities in the region.
